"Strategic default"—choosing to stop paying on your mortgage even if you can afford the monthly payments—peaked at the end of 2008 during the height of the Great Recession. At that time, strategic defaults accounted for 20 percent of all mortgage defaults 60 or more days overdue, according to Experian.

And while the percentage of Americans taking this option has steadily declined since then, the credit risks for strategic defaulters remain unchanged.

"Not paying your mortgage will have a far-reaching, long-lasting impact on your ability to secure future credit, regardless of the reason for your default," says Charles Chung, Experian's president of Decision Analytics. "Experian's study indicates that many strategic defaulters continue to faithfully pay on their other debts. Some even purchase other homes for better terms before selectively defaulting on their upside-down mortgage."

For those who owe more on their home than its current market value, it's tempting to walk away from a bad investment, even if the monthly mortgage payment is affordable. But when considering strategic default, homeowners should keep several factors in mind:

• Defaulting on a mortgage is the second most damaging thing someone can do to their credit, even if they continue to pay other bills. Only bankruptcy will affect a credit score more adversely than foreclosure.

• Foreclosure remains on a credit report for seven years. During that time, securing other credit at reasonable terms and rates will be very difficult, if not impossible.

• Potential employers are looking at credit reports. In fact, 60 percent now check applicants' credit reports, according to an article in the Washington Times. By impacting their credit, a strategic default may affect their ability to get a job.

• Fannie Mae, the government-controlled mortgage giant, said it would implement a policy to prohibit strategic defaulters from getting a new Fannie Mae-backed mortgage for seven years from the date of foreclosure.

• Finally, in some cases, the debt that foreclosure "erases" may be recorded as income, which means taxes will have to be paid on it.

"Some may see strategic default as a way to get out of paying a bad debt," Chung says. "But its associated costs like a lower credit score, higher interest rates and less ability to secure future credits, can wipe out the financial benefit of no longer having a mortgage payment."

To learn more about credit management, credit reports, credit scores and the factors that affect them, visit www.Experian.com.